Markets

TSX Ends Modestly Lower

(RTTNews) - Canadian shares exhibited weakness on Tuesday as investors largely stayed cautious ahead of U.S. interest rate decision and on rising concerns about global slowdown amid uncertainty about trade.

The market was down in negative territory right through for a second successive session.

The benchmark S&P/TSX Composite Index ended down 26.12 points, or 0.16%, at 16,466.05. The index touched a low of 16,418.49 and a high of 16,473.90 in the session.

Energy shares rallied safter crude oil prices moved higher for a third successive session. The Capped Energy Index climbed up about 2.3%.

Kelt Exploration (KEL.TO), Precision Drilling (PD.TO), Baytex Energy (BTE.TO), Encana Corp. (ECA.TO) and Tourmaline Oil Corp. (TOU.TO) gained 6 to 8%.

MEG Energy (MEG.TO), Crescent Point Energy (CPG.TO), ARC Resources (ARX.TO), Parex Resources (PXT.TO), Cenovus Energy (CVE.TO), Enerplus Corp. (ERF.TO) and PrairieSky Royalty (PSK.TO) moved up 2 to 5.2%. Canadian Natural Resources (CNQ.TO), Vermilion Energy (VET.TO), Imperial Oil (IMO.TO) and Husky Energy (HSE.TO) also ended notably higher.

Among miners, Nutrien (NTR.TO) surged up 7.1% after the company reported adjusted net earnings of US$1.58 per share for the second quarter ended June 30, slightly lower than estimates.

Yamana Gold (YRI.TO) ended nearly 5% up. MAG Silver Corp. (MAG.TO), Oceanagold Corp. (OGC.TO), Ssr Mining (SSRM.TO) and Eldorado Gold (ELD.TO) gained 1.7 to 4%.

First Quantum Minerals (FM.TO) ended lower by nearly 1% after the company reported a 42% drop in earnings for the second quarter of current financial year, at $78 million. In the year-ago quarter, the company posted net earnings of $135 million.

In the cannabis space, Hexo Corp. (HEXO.TO) declined 4%, while Aphria Inc. (APHA.TO) moved up 2.7%.

Shares of airliner Air Canada gained more than 3.5% The airliner said it posted net profit of $343 million in the second quarter, a turnaround from the loss of $102 million it had recorded in the year-ago quarter. The company reported a profit of $1.26 per diluted share for the second quarter, compared with a loss of 37 cents in last year's second quarter.

U.S. stocks ended weak, despite coming off the day's lows, amid concerns about U.S.-China trade talks after President Donald Trump lashed out at China in a series of posts on Twitter.

The major averages all closed in negative territory but well off their worst levels. The Dow edged down 0.1%, the Nasdaq slipped 0.2% and the S&P 500 dipped 0.3%.

European markets ended notably lower amid uncertainty about U.S.-China trade deal and a slew of disappointing earnings results.

Asian markets moved mostly higher.

In commodities, West Texas Intermediate crude oil futures for September ended up $1.18, or about 2.1%, at $58.05 a barrel.

Gold futures for August ended up $9.30, or about 0.7%, at $1,429.70 an ounce.

Silver futures for September ended up $0.118, at $16.558 an ounce, while Copper futures for September settled lower by $0.0390, at $2.6875 per pound.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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